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that would let taxes rise on the wealthiest households while protecting the vast majority of americans from tax hikes set to hit in january. welcome to the saturday edition of "and the washington journal." for the first 45 minutes of the program we are going to be talking about senate negotiating a fiscal clifts deal, what has been going on on that half of the capital. see what they are talking about and how things are going. we want to get your input and your part of the conversation. you can reach out to us on twitter. facebook, facebook.com/cspan. and you can send us an e-mail. this is more from the article, the lead story in "the washington post." they ride, the development marked a breakthrough after weeks of paralysis. joining us by phone is one of the authors of that article, and, laurie, welcome to the program. tell us, what kind of a deal did the president offered? what is new in the negotiations among the senators and between the senators and the white house? caller: there does not appear to be anything new. the policies they are talking about are the senate has been on the table
with president obama and signals conservative republicans are inwilling to stomach any rise in tax rates even on those making more than $1 million which was mr. boehner's plan. so walk us through what happened on friday. how did we get there? and it seems like the speaker of the house didn't see this coming, and a lot of folks in washington want to know why not? guest: we begin the week with the speaker of the house saying negotiations between he and president obama had stalled. they were stuck on their -- i guess i would say maybe not their final offers but current offers. boehner said he would raise taxes on those making a million a year or more and get all told $1 trillion in tax increases which he wanted to be matched with $1 trillion in spending cuts and the rate increases on those making $1 million or more and remove loopholes and deductions to get the rest in revenue and then you had your spending cuts. the president, sort of depends on how you do your math and counting, but the president -- by scoreible math the president would have been at $1.3 trillion in tax increases and $900 bil
is no deal on taxes. nearly every american is going to have to pay more in just eight days if congress can't reach some kind of an agreement. checking the big board right now, the dow jones industrial average is down about 41 points. again, we've got a half day of trading and we close today at 1 p.m., so that traders can go out on christmas break. light volume, but there are significant movers that we'll talk about in just a second. in particular, apple and jb penpejb-- j.c. penney. we have shibani joshi and adam shapiro as well and first to nicole, j.c. penney, a lot of people worried about retail sales, think it's going to hit companies like j.c. penney hard? guess what? the stock is up 4%, why? >> that's a huge move on a day when the major market average, look the at j.c. penney, it's posted comments from oppenheimer this morning, talking about the fact that promotions are working well and bringing traffic into john kerry opiniony, you know that we spoke about ron johnson and came up from apple and his whole theory, was no promotion and great prices all the time and that really was work
and constructive discussion at the white house with senate and house leadership about how to prevent this tax hike on the middle class and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. >> now what would be in that mini deal? we're talking about tax increases for people at near the top of the income scale. the question is the threshold, 400 or $500,000 are the likely places that that could end up. it would likely turn off the automatic sequester by using some of the revenue from the tax increases to account as budget cuts and turn off they is quester and it would also extend unemployment benefits and do the so-called doc fix to prevent reimbursements from declining and also have a milk fix, michelle that would prevent the doubling of milk prices which would occur without an extension of subsidies. >> why aren't people more optimistic? i haven't heard about enough spending cuts that would bring republican spending cuts. why are republicans more optimistic now? >> they're concerned spending cuts would not be a part of this deal. i talked to an aide who s
ticks. house speaker john boehner announced his plan b to let bush-era tax cuts expire for earners making more than $1 million a year and he wants to set automatic spending cuts with unspecified cuts elsewhere. the speaker pulled his so-called plan b for lack of support from his own party because many republicans still beholden to grover nor quest and the ridiculous pledge want no compromise at all. the debate between the two sides centers around a balanced approach the budget. republicans say president obama wants too much revenue. that's taxes in normal speak and not enough cuts. >> at some point we're going to have to address the spending problem that we have. we can't cut our way to prosperity. we need economic growth. many believe the fundamental reform of our tax code will help us get our economy moving faster and put more americans back to work. and more americans on the tax rolls. how we get there, god only knows. >> president obama doesn't see it that way. >> at some point there's got to be i think a recognition on the part of my republican friends, that you know, take the
and then tax hikes on everyone, automatic spending cuts, and no deal reported. the two parties are talking again at least. steve has the latest from capitol hill. >> sources are capitol hill say president obama in today's talks feels he has the advantage back and that he will press on his original demand that income taxes rise on earnings over $250,000. it's a positive sign, the first meeting since mid november the four congressional leaders at the white house. called by president obama, house speaker john boehner is a key figure. >> the fact that he has come back to me says that they cannot come up with some kind of agreement. -- that they can come up with an agreement. >> both sides want to avoid middle-class tax cuts. the hang up is the tax hikes on the rich. those making over $250,000 in the obama reposal or $400,000, a level that mitch mcconnell reportedly said he might be able to sel? republicans won the debate shifted. >> the talk about taxes, but what it should be about is what we want to talk about today -- the medicare fiscal cliff. >> no date to cut a day to reform entitlements
to avoid some of the tax parts of the fiscal cliff. it would keep tax cuts for the making $250,000 a year or less, extending unemployment benefit and with the clock ticking delay dramatic spending cuts until next year. >> i asked leaders of congress to work toward the package to prevent tax hike on middle class americans protects unemployment surance for 2 million americans. lays the groundwork for work on growth and deficit reduction. that is an achievable goal. >> today's meeting is the first with the president since november 16. sign for republicans that mr. obama has not really been pushing that hard for a deal. >> we need presidential leadership on in the just taxing rich people. >> three words the president did not use. he did not use the word sequester and he didn't say "debt ceiling" either. he focused most of his remarx on preventing taxes from going up. there are also massive spending cuts coming. no idea how they will avert that. he also did not mention the debt ceiling. earlier they wanted lifting the debt ceiling included. now it's clear it's not in the short-term package tha
, what's hanging on the edge of the cliff is higher taxes on dividends. coming up, the chairman and ceo of southern company owning a bunch of power companies in the south tells us why the tax hike would be a huge blow to his industry, a blow everybody will feel as usual. it's passed on to you, the consumer. >> financials a big winner up this year we have an analyst who expects the gravy train to roll on next year. find out the banks he likes for 2013. david: a lot to cover, but first, what drove the markets with the data download. ending the week down more than 1.5%. lack of progress, of course, in the miscall cliff negotiations, and all ten s&p sectors in the negative tear -- territory the second week in a row. oil slipped into the red today, but finished the holiday shortened weekend positive. notching at 2.4% gain to end the week, again, over the $90 mark, $90.80 a barrel. home sales jumping to the highest level in two and a half years last month. the national association of retailer -- excuse me, realtors. index rose 1.7%. >> good news. we have sandra smith in the pits of the cme, a
think that we will get some kind of last minute deal, which raises taxes on people who are successful, making serious money. forget about any spending cuts, i don't think that's going to happen and they make promises, but they're not actually going to do it and they'll simply ignore the debt. i think that's what's going to happen. do you agree? >> i'll take that bet. i don't think that's going to happen. i don't think that republicans will agree to any tax increases without spending cuts. i think they've been clear about that. stuart: we go over the cliff. >> they're not going to cave. i think they're going to extend the deed line and see credit downgrade. and i think we're going to fight about this through 2013 unfortunately. stuart: and as if falling off the fiscal cliff isn't enough to push us off another recession, it could of course. tomorrow at midnight a longshoremen's strike could shut down ports at east coast and the gulf. and the strike could disrupt about, we figure, 2 million tons of imported cargo per day and of course, it would cost the economy billions. it could have ma
>> we have two mainly threats on the horizon. the fiscal cliff and tax increases for everybody if the deal is not reached this week, but potential strike, law shoreman threatening to walk off the ports in the east on gulf coast. this could disrupt billions of dollars in shipments. joining us now ed butowsky, a hell of a way to start a week with the threat after strike. to put it in context, when l.a. had a dock workers strike ten years ago, it cost a billion dollars a day. this is going to affect ports in newark, houston, miami, this could be several billion dollar hits every day to our economy? >> yeah, and i tell you, when you look at it, it's really similar. there are some parallels to the fiscal cliff discussion. because the arguments are about are the royalty payments that the dock workers get for bringing merchandise on board and unloading the cargo and what the similarity is really that we're not-- they're not talking about more business, they're talking about how do we split up the same pie and same thing with the fiscal cliff, we're not talking growing the economy, how
. the talks are a last-ditch effort to avoid spending cuts and tax hikes from 90% of american households. mike emanuel is live on capitol hill where all the action is taking place. is there a lot of action? there is a lot of buzz on capitol hill. mitch mcconnell, who will be attending a white house meeting told us a few moments ago that we are always the running out of time. chairman max baucus, the democrat says that he thinks this will fiscal cliff matter comes down as one white house meeting two hours from now. another top senate republican said a short time ago that he was calling on president obama to lead. >> the president is not a senator anymore. he's a president. just as president reagan worked to deal with tip o'neill and bill clinton and president eisenhower, we need leadership on not just taxing rich people, but we contact them and it wouldn't help the medicare fiscal cliff. greg: others are skeptical, noting that high-profile meetings are for show often times and all about tactics. we expect the president will try a stopgap measure extending middle-class tax rates, extending unemp
decisions on taxes and spending to the future. again, in an afternoon white house meeting president obama pitch a debt plan he had outlined a week ago, prevent a tax increase for income of less than to an effective thousand dollars per year and extend long-term unemployment benefits. senate leaders are using that framework to try to craft a proposal to pass both houses of congress. aides say it would likely increase the threshold for tax increases, reversing massive pay cut from medicare doctors, and elections of millions of americans to avoid paying the alternative minimum tax. an increase in the debt ceiling is not part ofhe discussion. that is significant development r house republicans who won any increase in the borrowing limit it accompanied by an equal amount in spending cuts taking the debt ceiling of the table making it much easier for the scaled-down version to be negotiated. from here senate leaders will try to secure an agreement by sunday morning. if so, democrats and republicans will try to sell its house and senate members. if they can do that the voting begins. there is so
to split, also in croatia. then to amsterdam and back all in business class. >> total cost, just the taxes, $60 each, plus 120,000 frequent flier miles each, which sounds high, but not when you're what rick is, a frequent flier millionaire, one who wants to teach us a few tricks on how to be that millionaire also. >> does anybody in this room sign up for a credit card primarily to get a sign-up bonus? >> reporter: did you know you can get miles by the millions without ever flying? these folks are smiling because they do know that. >> the most important one to be able to say is i have never been late on a payment. >> reporter: the first method, cashing in on credit card bonuses. lots of banks now offer new credit card holders sign-up bonuses of 20,000, 40,000, sometimes 70,000 miles or points. rick teaches that people who have shaky credit who cannot pay their bills in full every month or for applying for a mortgage in the near future should not be playing this game. within the fraternity of extreme frequent flyers, it's controversial that any of these secrets are getting out. but rick star
. fiscal faceoff or new year's resolution. also one tax that will go up. marilyn monroe closely watched by the fbi. director's feud over "django unchained" and a chance for 100 lucky people to star in the super bowl halftime show alongside beyonce'. details on those stories throughout the hour. >>> but up first, right now senate leaders scrambling to find common ground to avoid going over that fiscal cliff. got less than three days to go now, folks. at the same time in his weekly address today, the president says he's preparing a plan of action if no deal is reached. >> if an agreement isn't reached on time, then i'll urge the senate to hold an up or down vote on a basic package that protects the middle class from an income tax hike, extends vital unemployment insurance for americans looking for a job, and lays the ground work for future progress on more economic growth and deficit reduction. >> republicans say they want a deal as well, but they highlighted their biggest sticking points today in their weekly address. listen now to missouri senator roy blount. >> senate democrats have sp
there. the hard top economists and started a website. we held a second conference on tax policy in may in new york and we have an event scheduled in september in chicago that will feature governor mitch daniels. like the project as a whole, this book seeks americans as our economic problems as a way to advance opportunity and prosperity. we are currently growing at 2%. that's not good enough. this book offers free ticket to 4%. if we get to 4%, unemployment will plummet and so with the burden of debt. we hope this book will become the focus of discussion about the economy during the election campaign and beyond. it's about growth and freedom. today we have a short discussion appear among three contributors to the book. i want to introduce my good friend and former colleague, kevin hassett, american enterprise institute, formerly senior economist at the fed. he read a great chapter on the path to growth, focusing on spending, taxes and certainty. next come on the far end, jason fichtner, senior research fellow at the mercator center at george mason university and former chief economist
. not only the combination of tax increases and spending cuts push the economy into a recession, the debt ceiling would be reached and at some point the u.s. would be unable to pay its bond holders. that would be a catastrophe. because it would be such a catastrophe, i don't think it would happen. >> glenn, you would agree with that, if we went over for a week or two, the prorated tax increase, the taxes going up for a week or two and spending cuts for a week, it wouldn't have much effect on the economy. >> not a big deal, but i think the uncertainty it creates, both sides actually may have agendas a little easier if we went off the cliff. republicans can do tax reform more straight forwardly and the president can do his own version of tax policy and spending policy but that would have to be done quickly. >> peter, you write that you want the discussion, the deal to be tax hikes and entitlement reform. do you want it to be more comprehensive than that or are those two the key elements? >> at this point, those are the two key elements. one is necessary for resolving the fiscal cliff. the o
the right tax incentives, and that we need a right of work force that is educated. jefferson has the view that the government needs to support manufacturing. now, this becomes the american economic system and influences henry, abraham lincoln, and is the governing philosophy of america's rise in industrialization. herbert hoover, when i got to the commerce building, and why would your name be in the commerce building, the president responsible for the depression, there's a lot of republic for hoover. he was not the best president, but a great commerce secretary. he was the secretary of commerce and under secretary of everything else, and he was working for calvin coolidge, and you know what hoover did? he believed in the american economic system, and he and calvin coolage, the apostle of limited government, poured in millions of dollars to the aviation industry which is still in wichita, kansas, funded the existence of infrastructure, and calvin coolidge, quoted in the book, talks about the importance of the investment in roads. eisenhower, of course, with the highways, and even reagan in
- higher taxes? that's one of many things that will be chaning. gail marks jarvis is a personal finance columnist. she's also the author of "saving for retirement without living like a pauper or winning the lottery." and you expect kind of across-the-board tax increases at some point for everyone. > > right. it might not happen early in the year, we will have to see. i expect congress and the president are still going to be fighting about what our taxes are going to be early in the year. but eventually, maybe late traders head back to a post- holiday trading session. what's in store for the shortened week. in today's cover story, minimum wage is on the rise. the effect on the labor market. plus, scammers have been naughty this holiday season. why checking your credit card statement is a nice idea. the financial pitfalls that could put a snag in your savings in 2013. and, bad business blunders. how corporations this year are attempting to recover reputations. first business starts now. you're watching first business: financial news, analysis, and today's investment ideas. good morning. i
because a half trillion dollars plus tax hit is about to kick in as a deal to avoid the fiscal cliff is no where are in sight and time is running out. we hit the streets to show people this. this graphic shows how big a tax hit you could expect depending on your income no matter where in the country you live. for folks who could soon be forced to pay higher taxes, reality setting in. >> january 1st, that's what your taxes would go up. >> wow. >> wow. >> wow is not wow. >> well, it's going to be somewhere between 8,000 to $12,000, which i don't have. so i'm not looking forward to that. >> we're living paycheck by paycheck. i have five kids and that's going to put us way down in the hole. >> i'm a single income, you've got to be kidding. >> that's a lot of money. >> we need to keep our money in our pockets to help our country first. >> that sucks. i have a lot more better things to do with that money than give it someplace else. >> taxpayers are clearly worried. it deny next guest reaction from florida republican congressman, good friend, allen west. start with the -- some news we hear
leader mitch mcconnell talking about doing something to keep more than trillion dollars in tax increases and cuts from taking effect next week. also joining that party today, america's happy warrior. vice president joe biden will be there. while some appear ready to compromise others are still ducking, dodging, trying to dump the blame elsewhere. >> we all have our ideas and in the senate, you're right. we probably another 40, 50, 60 of saying that we're ready to both raise revenues and control entitlements. when's the missing ingredient? it is presidential leadership. >> i think in the end we'll get a deal. the question is the timing. >> am hopeful there will be a deal that avoids the worst parts of the fiscal cliff, namely taxes going up on middle class people. >> it's pretty apparent that we are not going to do what we've been called to do. this is 112th congress. we have had two years to deal with quote the fiscal cliff. >> let's bring in our man at the white house, peter alexander standing by. pete, we just got word the president it appears is making some sort of smaller offer at th
a 20% of gdp to 25% gdp and rather than cut spending raise taxes as necessary to support that spending and i would say that is in fact essentially the french model. and the question is whether it can support enough growth in the economy. >> paul: taxes are going up, we know that, spending, going up for sure even before the health care law kicks in. so, we are moving in that direction, particularly in the entitlement state. not reforming it, but actually expanding it. >> aen what happened this year was the supreme court helping this along, you have the justices essentially rewrite legislation changing the plain text that congress passed in order to declare obamacare constitutional, which is a little scary, that that highest justices in the land would take that sort of activist role and you mentioned france, dan, that's scary. the back drop of this whole presidential year is europe. we know where the path leads. and the turmoil and welfare states and how unsustainability and the high unemployment that comes with them and that was the back drop of our presidential campaign. >> paul: okay,
. at a news conference with the speaker in a call to extend the tax rates. some have urged congressman tom price of georgia to challenge john deere for the job. much more on what is next for the fiscal cliff. one week before we reach that point. the deadline is december 31, january 1. the president is in hawaii. the house and senate are also in set -- in session this week. elliot engel, weighing in on a number of topics, including rumors that former republican senator chuck a bill could be nominated as defense secretary. you heard from the president on friday as he nominated senator john kerry as secretary of state and the new speculation about chuckle over at the pentagon. here are the comments of congressman dingell, the incoming democratic member of the house foreign affairs committee. but there is a huge opposition to the potential nomination of chuckled to become the next secretary of defense, even the president obama has not made his decision. the former senator has come under fire for statements he has made, including one where he referred to the pro-israel lobby as the "jewish lobb
for the economy. and the transaction tax is being taken very seriously in europe and probably will happen there, even though the u.k. is kicking and screaming because they specialize in being the home of trading, whether trading in stocks or derivatives or anything else. they simply do not want that to be taxed. there are people in congress. i think wall street is now the number-one contributor to political campaigns. at least, it is in the running for number-one. i have been to washington many times and i'm involved with several groups that are trying to reform the business sector so that it can work, so that it can survive. it is very difficult because of the sheer amount of money that the finance sector in particular is pouring into lobbying and campaign contributions. it is very difficult. >> let's give a round of applause for lin. -- lynn. [applause] there is an opportunity for you to purchase and have the but signed. if you have court-further questions, she will be here signing books. thank you all and have a safe trip home. [captioning performed by national captioning institute] [caption
, there are well down the light. they won the taxes now. by the time the cuts come in, this ought to be turned around and it was said, we do not need the cuts now that if it has turned around. host: lots of comments coming in of this but so far. one caller rights -- sarasota, florida on the line now. good morning, jill. caller: did morning. i have only one very short thing to say. listen, everyone out there. no matter what party believe in, they're used to be a wonderful country in africa called rhodesia. we are talking about african problems, but it was a bread basket country. produce things. now it is called zimbabwe. inflation is over 1000%. that is all i am going to say to the people watching and listening to this program because we are heading in the same direction. thank you and have a wonderful new year. host: a tear from bob now in the democrat light. caller: thank you for letting me have a chance to speak. i am more optimistic -- i a more pessimistic than optimistic. i just do not think they will ever get together like they should. my one comment is when they start speaking about the
these prevent it, in control of whether or not your taxes go up come new year's day. harry reid, minority leader mitch mcconnell, house speaker john boehner and house democratic leader nancy pelosi met at the white house yesterday afternoon with the president and vice president. here's where things stand right now. the senate leaders are meeting aiming to avoid tax hikes. and they may vote on a deal sunday or perhaps on monday. jessica yellin is our chief white house correspondent. lisa day jar dayne is on capitol hill. the president used his bully pulpit to reinforce the idea that senators need to get busy. so let's listen. >> the american people are watching what we do here. obviously, their patience is already thin. this is deja vu all over again. america wonders why it is that in this town for some reason, you can't get stuff done in an organized timetable, why everything always has to wait till the last minute. we're now at the last minute. and the american people are not going to have any patience for a politically self-inflicted wound to our economy. not right now. >> so jessica, you were
taxes on families and small businesses. it was a mandate to work together to begin solving the massive debt that threatens our country's future. >> reporter: the house and the senate will both be back in session tomorrow and the president has said he expects them to quickly vote to pass legislation to avoid the fiscal cliff, if, he and the speaker are able to make a deal before it's too late. gregg: we'll be holding our breath. peter doocy, thanks. >> reporter: yeah. patti ann: the commander-in-chief also spent part of his holiday thanking the troops on a visit to a hawaiian military base. the president and first lady paying tribute to those here and abroad who risk their lives keeping us safe. he took time to honor their families as well. >> so many of you make sacrifices day in, day out on behalf of our freedom, on behalf of our security, and not only do those in uniform make sacrifices but i think everybody here understands the sacrifices that families make each and every day as well. and michelle --. patti ann: the president also made a series of holiday phone calls monday night th
brings one that is a real doozy, billions in tax increases and across-the-board spending cuts take effect. it forces members of congress and president obama to spend the last few days of 2012 on the job. we want to bring in cnn chief white house correspondent, jessica yelen, we all know they would rather celebrate new year's eve elsewhere. how did they get here? >> reporter: it is such a good question, you know, candy, this grid lock in washington creates the eye-rolling. but the fundamental question goes to the essential differences between the two parties about the role of government, should it be bigger or smaller? about whether we want lower taxes or more of a social safety net. so while we have seen the principles, the president, speaker boehner, and now senator mcconnell and reid trying to get involved in stages in the last few weeks, it has always broken down because they fundamentally disagree about the big ideas over the core of this debate. they're fighting between the two parties. and this could get resolved in a matter of days or weeks. but the big difference, the issues could
? there was a lot of talk of small ball. a bill to allow taxes to go up on everybody or at least couples that make more than $250,000 a year. $200,000 with single filers. harry reid said he is not going to prepare a bill unless mitch mcconnell allows it to come for a vote for a simple majority. they are seeking assurances that he won't try to block it. for his part he said it's up to the president to lead. unclear if anything is going to happen today. it's becoming more and more likely we will hit january 1st without a resolution. >> peter, obviously the president gets back a little bit from now. what are we hearing about their strategy? we have that very effective bully pulpit? >> it's a good question. the president is supposed to arrive a couple hours from now. 72 degrees for honolulu. better hope he brings sunshine back with him. the real challenge is when he gets here, there is barely 100 hours before the headline hits. he said a short time ago describing their strategy and it remains not too dissimilar. it's not whether we can get a deal done or not. whether mcconnell will filibuster such a d
, or automatic tax hikes what they want in order to balance their spending? more on that coming up, does the president really wants to go over the fiscal cliff? lori: cannot wait to hear where we stand, the latest negotiation or any at all on the cliff. spending specifically on toys. there is not a runaway must-have toy this year, but there are some hits and a few misses as well. what will be under the trees or what will be stuck on the retail shelves. david: but first, we will tell you what drove the market today with today's "data download." continued gridlock in the beltway sending stocks lower. the shorts in the day of trading. all three major indices closing the red with the dow closing the best losses, energy and utilities led the declines while materials and consumer discretionary outperform. natural gas a big mover in the energy pits falling more than 2% despite colder weather in much of the country this week forecasters expecting mild temperatures in january and that might have hurt natural gas a little bit. the japanese yen falling to a 20 month low against the dollar. coming t
for you. >>> the u.s. is set to go over the fiscal cliff in five days. that means taxes will go up for nearly every american. dramatic spending cuts will kick in. president obama and congress will be back from vacation tomorrow. but will anything get done? >>> plus, wild winter weather sweeping through the country. we'll bring you the latest details on which part of the u.s. could be hit next. cnbc's "worldwide exchange" starts now. >>> and welcome to a special edition of reside worldwide. ross andcle reoff today for boxes day in -- kelly are off today for boxing day. for now, you is us. >> we'll start with a brief check on the markets. energy and metals are trading higher now, wtis up about 55 cents. brent crude up 65 cents. also want to check in on the gold price, as well. gold right now down about slightly under the flat line there, 1,-658. well below the 1,700 mark. the cme globex has been closed for christmas. it's going to reopen at 6:00 a.m. eastern time. that goes for treasuries and the foreign exchange market, as well. >> as for action in the overseas markets, the u.k. is
. there is a majority for that, with some tax increases for upper-income people. the question is what level would be acceptable to republicans. more crucial to that is, whatever the senate proposes and passes on to the house, will it be acceptable to the majority of republicans in the house, who control that body? if it is not, we may be having another confrontation, and go past the january 1 deadline, and we could see those tax increases go into effect. again, there is the fallback position. if the pressure on the republicans is great enough, they may have to change their position after january 1. congress can always pass something retroactively, which would have an effect retroactively. but the damage would be done to the republican image of being a constructive element in these negotiations. >> the indian student whose gang rape sparked mass protest has died in hospital. doctors treating the 23-year-old said she was showing signs of severe organ failure before she died. the high commission in singapore was at the hospital, and spoke to the media shortly after her death. >> in the end, she succ
the president. this is personal. this has nothing to do with raising taxes. this is a personal attack and i think it's a shame. we look like a third world country. we don't look like the united states. host: let's get a republican voice. our next caller is calling from west bloomfield, michigan, on the republican line. good morning. caller: i would like to get your thoughts on a balanced approach and have unbiased taxation by using a flat tax. that way you can calculate the amount of taxes we need for the deficit over 10 years. another point is to control the spending on entitlements by not giving millionaires social security benefits, thereby satisfying president obama's approach. instead of doing it through taxation, he can do it through the entitlements. guest: those are both ideas that have been raised, especially the social security and medicare benefits for the wealthy and potentially might not need them to live off of. one tricky part of that is wealthier americans have been paying these taxes for decades into social security and medicare if and a lot of folks have a problem with the
to plan "b," boehner fallback and would have raised tax on those making $1 million but failed when could not get republican votes. >> all eyes turn to the senate that could be key to a deal on plan "c." scaled-back bill that the president says will focus on unemployment benefits and reverting to the 250,000 level on taxes. >> i asked leaders of congress to work toward a package that prevents a tax hike on middle class americans, protects unemployment insurance for 2 million americans. lays the groundwork for further work on growth and deficit reduction. >> that means taxes go up for some now and spending cut on medicare and other programs are kicked to another date. >> what the president offered so far won't do anything to solve the spending problem and begin to address the crippling debt. >> gallup in early december saying 58% of the public thought we'd avert the fiscal cliff. new poll shows it's dipped to 50% thinking that. the public thinks we are headed for a big problem. >> doug: breaking news from treasury secretary geithner it go about the debt ceiling. are we about to go to defau
the tax increases and spending cuts that make up the fiscal cliff. es it d to breathe, but with advair, i'm breathing better. so now i can be in the scene. advair is clinically proven to help significantly improve lung function. unlike most copd medications, advair contains both an anti-inflammatory and a long-acting bronchodilator working together to help improve your lung function all day. advair won't replace fast-acting inhalers for sudden symptoms and should not be used more than twice a day. people with copd taking advair may have a higher chance of pneumonia. advair may increase your risk of osteoporosis and some eye problems. tell your doctor if you have a heart condition or high blood pressure before taking advair. if you're still having difficulty breathing, ask your doctor if including advair could help improve your lung function. get your first full prescription free and save on refills at advaircopd.com. with less chronic osteoarthritis pain. imagine living your life with less chronic low back pain. imagine you, with less pain. cymbalta can help. cymbalta is fda-approved to m
to concede to a deal unless he can tell his base he was able to raise taxes on the rich. on flipside the republicans will not concede to a deal unless they were able to tell their base they were able to make a discern isable dent in spending. both side are too far apart and they're both comfortable digging in their heels and saying we'll see what happen adam: dan henninger was on the varney show this morning. do you think we'll hit recession if we go over the cliff. probably not. we'll muddle along. do you want to counter your boss? >> he would no more than i do about this. i think whether it is january 1 or a few days later that's not the issue. it is does the united states take a turn toward fiscal sanity in terms of restraining spending while allowing the economy to grow and not having a tax policy that hurts it. so the deal could come at any time. if you want to be optimistic i think republicans are realizing how much leverage they have with the sequester. these are automatic spending cuts. the obama doesn't want them. this is leverage point for republicans. adam: you're an econo
in a search for an 11th hour deal to prevent severe tax hikes and spending cuts from automatically kicking in with the new year. cnn's chief white house correspondent jessica yellin is getting new details. jess can ka, what are you hearing about that meeting? >> reporter: candy, the president is going to explain or reiterate the position he took on friday, that he would like a plan that extends tax rates for people who make $250,000 and below but raises them for those who make more than that. that it extends unemployment benefits for americans. and if the president, i'm told will say if he does not get an agreement to that plan, he will ask the other leaders what they can agree to, what what they would like instead. if they cannot come up with a proposal that will pass the house and the senate, will ask for a vote on his measure. but that meeting, candy, is still going on. congre congressional leaders arrived at the white house for a last-ditch meeting just days before a new year's deadline. back on the hill, pressure to break the stalemate. >> we've got to demonstrate we have some capacit
to do anything related to taxes. we both know each side wants a piece of the other to do those exact things and both sides still refuse. is there anything that means those two factors have changed. >> we saw it on the stock market today and we saw the wild swings as news developments happened throughout the course of the day. it impacted the market throughout date and if that continues that kind of pressure from the outside could really put some force on these members of congress to come together for a deal. the closer we get the more pressure from the outside they're going feel and i think it makes it easier, not harder to get a deal in the last 48 to 24 hour space lot of folks have said that's the sweet spot for a deal anyway and there's another group that says we're going over this cliff, if even just temporarily, michelle. >> thank you, eamon. >> just days from heading back to washington, congressman aaron shaw, republican from illinois. thanks for joining us, representative. you got the call and have to go back to washington sunday, 6:30, what, if anything, are you going to vote
over how to avoid that inevitable cliff, tax hikes, spending cuts associated with it, some of them are taking to the sunday talk shows to make their respective cases with just nine days until every american taxpayer feels the pinch. steve centanni, steve is there still any chance some sort of a comprehensive agreement can be reached? >> reporter: it's looking less and less likely. two sides in the did the debate had their say on sunday talk shows. there is a lot of talk and not much action. john boehner called off his public for a plan b, there has been no movement toward any kind of deal and some are saying the president wasn't to avoid that fiscal cliff. >> when i listen to the president, i think the president is eager to go over the cliff for political purposes. he sees a political victory. he gets additional tax revenues and gets to cut the military which democrats have been calling for years. he gets to blame republicans for it. >> reporter: if nothing has done by the end of the year, taxes go up for everybody. >> gregg: will be the president be working on these issues during
for this probability indicates a 9 million-dollar tax benefit to the city after the cost of the city services and this is after netting out the property tax increment that we would capture through the i f b and so this is really coming from gross receipts tax and sales tax and other tacks that would continue to flow to the general fund. and elane mentioned the idea of excess tax increments and after the project needs are paid there is up to one $.6 billion paid in excess taxes generated from this site. pier 70 is a bit more complicated in that it's divided into a number of districts and a master plan starting in 2,007 and the commission chose to let out pourings of this site in sort-of a segmented manner and the water personal property site is the site under contract for a city development or in development is managing the rehabilitation of the historic buildings along 20th street, we have our ship repair under least and you have heard david talk about cran copark. four city's this the process of doing due diligence for the property right now and they are concerned that it's sea level rise
is expected to return to dc any time he with drew the republican plan b deal that extends tax cuts to everyone under millionaire. he was confident that the cliff could be avoided last time we heard from him. >> of course, hope springs eternal and i know we have in us to come together and do the right thing. we'll work on a plan to protect families and small businesses. >> and so there is time for a in person meeting. >> we are getting some twitter for rick. what is new york city looking like with a nor'easter on thursday. i want to know the answer on that. deadly storm system that pounded the midwest with storm and thousands of tornados heading northeast this morning. oh, my god. that is a tornado. oh, wow. oh, jesus, look at that tornado. >> gretchen: that funnel cocloud was spot indeed mobile, alabama and 10s of thens of people now without power. >> i prayed to god as loud as i could . praying for my safety and i knew and prayed that the truck stayed put and god would protect me. the brutal winds tossed the cars on top of each other and left the neighborhood a complete disaster. >> i never s
of it as an unwarranted way to rake in extra money for simply going one's job. debra villalon shows us millions of our tax dollars are handed out. >> reporter: we asked state workers about pay. extra pay for the risk. or a hazardous material team. why would administrators at state headquarters reek in more than a million dollars in pay. the emergency was the recession pushing stop staff to put in long hours. >> i don't know what the rules there. there are different categories. >> they basically creating their own emergencies by creating a fiscal crisis. then to handle that crisis, they're benefiting from it. >> reporter: credits point to pay record showing supervisors who can't get overtime. >> the fact they're doing the ones doing the abuse is shocking to me. they should be representing us. >> reporter: employment development is one of dozens agencies. boosting managers pay by as much as $1200 a month. payouts total almost $5 million over 4 years during a time most state employees were being forced into unpaid furloughs. >> it has to be evaluated by management of our department. >> reporter: the fina
would vote for revenues including tax rate hikes, even though i don't like them, to stave country from becoming greece. >> today, despite the president being in hawaii, the fiscal cliff is still on the agenda. kristen welker is with the president in honolulu. good day to you, kristen. what are you hearing there? >> reporter: alex, good morning to you. white house officials say this is very much a working vacation, no word if president obama has actually spoke on the congressional leaders at this point. i can tell you that conversations are going on at the staff level. but the reality is that the hard work, the final touches probably won't be put on these bills or this bill, rather, that they're hoping to get until lawmakers, the president, return to washington. and of course that won't happen until after the christmas holiday. this has a lot of people worried, alex, because as you say there's not a lot of time left to get a deal done. president obama, house speaker john boehner, were very close to getting a deal. president obama had given a little on entitlement reform, house speaker j
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